An address associated with the Ondo team transferred 26.05 million ONDO tokens to Coinbase. The tokens were worth approximately $9.79 million.
Three weeks earlier, the address received 150 million tokens from a multi-signature wallet, according to Arkham data. Two weeks later, the team moved 26.39 million tokens. Of these, 26.05 million have now reached Coinbase.
The activity followed previous operating models, where transferred tokens were ultimately sold.
However, the latest filing did not confirm an immediate sale. This further increases the risk of short-term selling pressure.
Has the ONDO market reacted?
Ondo (ONDO) maintained strong bullish momentum, reaching a local high of $0.38.
However, the move coincided with a slight pullback to $0.36.
ONDO was trading near $0.37 at press time, gaining 1.7% over 24 hours. Meanwhile, trading volume fell by 46%, indicating lower market participation.
Despite the pullback, ONDO’s bullish structure remained intact. Its relative strength index (RSI) was near 64.
This high figure suggests strong demand and continued monitoring by buyers.
The buy-sell delta supported this view, remaining positive for four consecutive days.
During this period, the buying volume reached 199.6 million, compared to 186.5 million selling volume. This produced a positive delta of 13 million, indicating aggressive Spot accumulation.
If these conditions persist, ONDO could maintain its 200-day EMA at $0.37. It could then challenge the $0.40 resistance.
Are whales preparing to sell?
Despite this, whale activity remains a major concern.
The average spot order size indicated that the whales had returned five days earlier. Large orders appeared between $0.36 and $0.37.
However, these whales seemed primarily focused on sales. The Spot Taker CVD remained negative, signaling sustained seller dominance.
Whales may have returned to take profits after ONDO rebounded from $0.31.
Continued whale sales could weaken the market structure and increase the risk of withdrawal.
In this scenario, ONDO could pull back towards its 20-day EMA at $0.33.
Final summary
- An address linked to Ondo deposited 26.05 million ONDO, worth approximately $9.79 million, into Coinbase.
- Strong spot demand supported ONDO’s structure, although continued whale sales threatened a further pullback.
